New Delhi: The Supreme Court on Wednesday agreed to give 3 months instead of 6 months to SEBI to investigate the Hindenburg report against the Adani group. Security and Exchange Board had asked for a 6-month extension in order to complete the detailed probe against the allegation made by a US-based short seller firm.
A bench headed by Chief Justice (CJI) DY Chandrachud, Justices PS Narasimha and JB Pardiwala gave three months’ time to SEBI.
The court said that SEBI is given time till August 14, 2023, for investigation. The SC also said that the matter will be listed in July and requested the expert committee to continue assisting the court. The court said that the expert committee can discuss this further in the meantime.
Solicitor General Tushar Mehta informed the court that SEBI is seeking an extension of time to conduct the probe and needs six months to reach a conclusion. In a recently filed rejoinder, the Securities and Exchange Board of India on Monday apprised the Supreme Court that the market regulator is already probing Adani group companies since 2016, which is factually baseless.
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